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Volkswagen to buy 42 percent of Porsche, full merger planned

Volkswagen will buy 42 percent of Porsche's sports-car business en route to a full merger by the end of 2011, the companies announced Thursday. VW will pay $4.7 billion for its initial stake in Porsche. It positions the new company to have 10 brands and global sales of 6.4 million, and Volkswagen CEO Martin Winterkorn is likely to lead the entity.

Stylish Mini Roadster Concept Wows The Crowds At Annual Design-Fest

MINI, the car maker more famous for its compact hatchbacks and growing range of family-orientated models, has surprised audiences at the traditional Concorso d’Eleganza Villa d’Este design gathering with a new roadster concept. Called the Mini Superleggera Vision, its name is a nod to Touring Superleggera, the tradition-steeped design and coachbuilding house based in Milan. Although a one-off, the car not only demonstrates the good work of one of Italy’s most renowned coachbuilders but, according to industry observers, could also hint at a possible future new model in the Mini line-up.

GM profits surge to $3.2 billion in first quarter

General Motors on Thursday posted net income of $3.2 billion for the first quarter, its fifth straight quarterly profit since emerging from bankruptcy. Stripping out one-time charges and gains, including $1.6 billion in income from the March sale of GM's ownership in Delphi Automotive, GM earned $2 billion before interest and taxes. GM's net income for the January-through-March period a year earlier was $865 million.